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7 signs you’re building wealth faster than you think

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wealthy woman hat smilingMichael Cole/Getty Images

  • If you’re maxing out a retirement plan and being mindful of your investments, you may be on the fast track to building wealth.
  • To be sure, most people don’t get rich overnight. But, if you avoid high-interest debt, are focused on increasing your income, and have clear goals and a plan to achieve them, you’re doing better than you think.
  • Need help building wealth? SmartAsset’s free tool can help find a financial planner near you»

You have to commit to building wealth — it rarely happens by accident.

But if you’re mindful and deliberate about saving, investing, spending, and earning money, you may be building wealth faster than you think.

Below, seven signs you could be rich sooner than you realize.

1. You max out your retirement accounts every year

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IRAs and 401(k)s are two of your greatest allies in setting yourself up for a comfortable retirement.

If you can afford to put the full $19,000 into your 401(k) this year — or you’re moving closer to that limit — you’re accomplishing a few things.

First, you multiply your earning potential in the market. Second, if your company offers to "match" your 401(k) contributions, you score that free money. And lastly, you shelter a sizable chunk of your income from income taxes (you’ll pay those taxes later, but for now your money grows tax-free).

You can also contribute up to $6,000, or $7,000 if you’re over age 50, to an IRA in 2019. The tax savings are set up differently than a 401(k), but the fundamental strategy is the same: The more money you put in the market now, the more you stand to earn.

2. You’re thoughtful, but not obsessive, about your investment choices

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If you’ve made thoughtful choices about where to invest the money you put into your 401(k), you’re head and shoulders above the rest.

Too many people make the mistake of treating their 401(k) like a savings account and don’t touch the money once it’s in there, certified financial planner Eric Roberge previously told Business Insider.

Some 401(k) plans have a fine default investment selection, but you should always double-check to make sure it matches your own time horizon and risk tolerance, Roberge says.

You’re in good shape so long as you choose investments that diversify your portfolio — i.e. a mix of stocks and bonds — and don’t levy too many fees. Roberge recommends choosing either an all-in-one target date fund, which automatically rebalances itself, or building a portfolio of individual funds that provide appropriate diversification.

Checking on your asset allocation periodically to ensure it matches your overall risk tolerance is smart, but obsessing over the details could easily lead to emotion-fueled mistakes. 

3. You’re focused on the ‘big wins’

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Spending less than you make may be the golden money rule — but it’s not the only rule. 

Yes, it’s important to cut your spending "mercilessly" on the things that don’t add value to your life, says financial expert and bestselling author Ramit Sethi. But people who are good with money know that $2 here and $10 there won’t make you rich, he says.

"There are a few Big Wins in life where — if you simply get them right — you almost never have to worry about the small things. If you can focus on the 5-10 Big Wins, rather than 50 little things, you can have an insurmountable edge in life," Sethi says.

For example, paying down debt, saving automatically, negotiating a higher salary, and investing early will have a much greater impact — and in a shorter timeframe — than forgoing your morning coffee or weekly brunches.

 

See the rest of the story at Business Insider

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Source: Business Insider – tloudenback@businessinsider.com (Tanza Loudenback)

Burberry Unleashes Monogram Dog Hoodie for B Series

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Burberry has brought back its limited B Series pop-up, which releases a selection of exclusive goods available for just 24 hours on Instagram. One of the items from the latest series includes a luxurious dog hoodie featuring an all-over monogram print with interlocking letters "TB" for Thomas Burberry. The color scheme consists of neutral brown and cream hues, while the design incorporates ribbed cuffs and a waistband keeping the clothing in place. Burberry also offers the option of customizing the hoodie with your pet’s name.

The B Series is available to shop today, August 17 for just 24 hours on Burberry’s Instagram.

Click here to view full gallery at HYPEBEAST

Source: HYPEBEAST – info@hypebeast.com (HYPEBEAST)

How to clean cast iron cookware in a few simple steps

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  • Cast iron pots and pans are safe to use on most cooktops, an outdoor fire, and in the oven at the highest temperatures.
  • It’s easy to clean and re-season the cookware, and with proper care, cast iron is durable and lasts for generations.
  • We break down how to clean cast iron cookware in a few simple steps. 
  • We also give our recommendations for the best cast iron cookware you can buy from Lodge, the Food Network, Le Creuset, and Staub.

Cast iron cookware is having a comeback. The versatile material has become popular among chefs and home cooks alike for its durability and long heat retention. 

Cast iron is used to make everything from pans and skillets to Dutch ovens and muffin pans. You can use cast iron cookware on most cooktops, including electric, ceramic, and gas. You can also pop it in the oven at very high temperatures and use it to cook over an open fire. 

Bare cast iron cookware usually is pre-seasoned, but you do have to re-season it from time to time to keep the non-stick cooking surface. Some cast iron cookware is covered with a coating of vitreous enamel glaze so that you don’t have to re-season it. Le Creuset is famous for its colorful high-quality enameled cast iron cookware, while Lodge is best known for its pre-seasoned bare cast iron cookware.

Once bare cast iron has been seasoned, it is very easy to maintain. Most clean up can be done with just a damp paper towel or sponge. The cookware will need periodic re-seasoning but that is as simple to do as hydrating your skin by applying lotion.

Cast iron can rust if exposed to water and humidity for too long. This does not mean it is ruined, the rust can be cleaned away and the metal re-seasoned if the damage has not gone too deep.

When highly acidic foods like tomatoes or citrus-based sauces are cooked in cast iron, the acid causes iron to leach into the food. This reaction turns the food a darker color, can add a metallic taste, and can damage the finish of the metal if the foods are left in the pan for too long.

Ideally, cast iron should be cleaned after every use. Never place cast iron cookware in an automatic dishwasher or leave it to soak in a sink of water.

How to clean cast iron cookware

  1. While the cookware is still warm, use paper towels to remove any excess food and oil.
  2. Use a soft-bristled nylon brush or non-abrasive scrub pad (no steel wool) to remove any traces of stuck-on food. I like to use the Scotch-Brite Dishwashing Wand because of its non-abrasive surface and because it keeps my hands out of the dishwater.
  3. If the cast iron feels excessively sticky, two or three drops of Dawn Dishwashing Liquid or another gentle dish soap can be used during the scrubbing.
  4. Rinse thoroughly under hot running water.
  5. Immediately dry thoroughly with a soft cloth or paper towel. Do not allow the cast iron to air-dry.
  6. Place the cast iron cookware over a cooktop heating element set to medium-low or in a warm oven at 250 to 300 degrees Fahrenheit.
  7. Add 1/2 teaspoon of any type of vegetable oil (corn oil, olive oil, coconut oil) to the cast iron and use paper towels to distribute it evenly over the entire interior surface. I have used all of them successfully.
  8. Continue to rub the oil into the interior surface until it is absorbed and the surface looks shiny and dark.
  9. Turn off the heating element and allow the cast iron to cool completely before storing.

Buy two Scotch-Brite Dishwashing Wands with six refills on Amazon for $16.81

Buy a two-pack of Dawn Dishwashing Liquid on Amazon for $14

How to clean enamel cast iron cookware

Le Creuset

Enamel-coated cast iron does not rust and does not need to be re-seasoned. However, it must be cleaned correctly to prevent damaging the surface. While it can be placed in an automatic dishwasher, repeated cleaning in this manner will cause the enamel surfaces to lose color and appear dull.

How to clean enameled cast iron cookware

  1. Never rinse or soak heated enamel-coated cast iron in cold water. The surface can crack. Allow the cookware to cool before cleaning.
  2. Dropping or banging enamel-coated cast iron cookware against hard surfaces can cause chipping that leads to rusted metal.
  3. Wash with regular dishwashing soap and hot water. Use a plastic scrubber, never steel wool, to remove stuck-on food. 
  4. For burned-on food, fill the pan with hot water and 1/2 cup baking soda. Heat on medium until water is boiling. Turn off the heat and allow the water and baking soda solution to cool before washing as usual.
  5. Always dry completely before storing the cookware.

Buy two Scotch-Brite Dishwashing Wands with six refills on Amazon for $16.81

Buy a two-pack of Dawn Dishwashing Liquid on Amazon for $14

How to restore damaged cast iron cookware

Kohl’s

If you have received a vintage cast iron piece and see rusty areas, it can usually be saved. This method will work well if the rust is only on the surface and not severe enough to have damaged the integrity of the cookware. 

How to restore damaged cast iron cookware

  1. Use a non-abrasive plastic scraper to remove as much loose rust as possible. You’ll find the Pampered Chef scrapers handy for cleaning and scraping batter from a bowl into baking pans. 
  2. Make a paste of lemon juice and baking soda by mixing one tablespoon of lemon juice with one cup of baking soda. 
  3. Apply the paste to the rusty areas and cover with plastic wrap. 
  4. Allow the paste to work for at least 24 hours and then scrub the piece with a stiff-bristled brush to remove the rust. 
  5. Rinse well with hot water and follow the steps to re-season the cast iron with vegetable oil.

Buy a set of three Pampered Chef Nylon Pan Scrapers on Amazon for $7.50

The best cast iron cookware brands

Amazon

If you don’t have cast iron cookware yet and you’re interested in buying a few pieces, we have recommendations for the best brands to shop below:

  • Lodge Cast Iron ($10 to $150): One of the oldest cast iron manufacturers (founded in 1896) in the United States, Lodge Cast Iron offers the largest collection of unenameled cast iron cookware from muffin pans to Dutch ovens on the market. The pieces are extremely durable and affordably priced.
  • Food Network Cast Iron ($14 to $50): Available in both regular cast iron and enameled cast iron, Food Network brand pieces are lighter weight and perfect for someone getting started with cooking in cast iron.
  • Le Creuset Cookware ($75 to $425): Le Creuset set the standard for enameled cast iron cookware. Its pieces are prized by both home cooks and professional chefs for performance and beauty.
  • Staub Enameled Cast Iron Cookware ($300 to $460): If you are looking for unique enameled cast iron pieces like a tomato or artichoke-shaped cocotte, Staub moves impressively from stove to table. 

Read our full buying guide to the best cast iron cookware

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Source: Business Insider – feedback@businessinsider.com (Mary Marlowe Leverette)

Facebook content moderation firm forced on-site therapists to disclose counseling details with employees, according to report

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FacebookAP/Tony Avelar

  • Due to the sensitive material they must interact with, Facebook’s 1,500 on-contract content moderators working in Austin, Texas are entitled to free on-site trauma counseling.
  • On at least some occassions, managers with Accenture — Facebook’s contractor who hires and manages the content moderators — has pressured therapists to disclose what happened during counseling sessions with moderators, according to a new report from the Intercept.
  • At least one therapist has reportedly resigned over an incident.
  • Visit Business Insider’s homepage for more stories.

Facebook’s moderators may not be able to fully trust their company-appointed counselors to keep their secrets.

That’s according to a new report from the Intercept which suggests that Accenture — the contractor Facebook has employed to hire and manage their 1,500 content moderators in Austin, Texas — may be able to ask these therapists what the employees have said at any given time.

Moderating content on Facebook is a very sensitive job and requires these employees to view sometimes disturbing things like pornography and graphic violence before deciding if it can stay on the website or if it violates Facebook’s content rules. 

Read more: A Facebook content moderator died after suffering a heart attack while on the job, according to a new report detailing harsh working conditions

That’s why Accenture and Facebook have on-site therapists — called "wellness coaches" — for employees who may need help processing what they have seen before it causes further psychological damage or harm. These sessions were understood by both the therapists and the moderator employees to be confidential, but a letter written by a group of employees and obtained by the Intercept suggests Accenture management can ask at any time what goes on in these sessions — and has on multiple occasions.

"It has come to our attention that an Accenture [manager] pressured a WeCare licensed counselor to divulge the contents of their session with an Accenture employee," the letter reads.

The letter also claims that at least one therapist has resigned after being asked to divulge contents of a counseling session with a moderator. 

Facebook did not respond immediately to Business Insider’s request for comment, but a Facebook spokesperson told the Intercept:

"All of our partners must provide a resiliency plan that is reviewed and approved by Facebook. This includes a holistic approach to well being and resiliency that puts the needs of their employees first. All leaders and wellness coaches receive training on this employee resource and while we do not believe that there was a breach of privacy in this case, we have used this as an opportunity to reemphasize that training across the organization."

Accenture’s statement used stronger terms, outright denying the allegations laid out in the letter:

"These allegations are inaccurate. Our people’s wellbeing is our top priority and our trust-and-safety teams in Austin have unrestricted access to wellness support. Additionally, our wellness program offers proactive and on-demand counseling and is backed by a strong employee assistance program. Our people are actively encouraged to raise wellness concerns through these programs. We also review, benchmark and invest in our wellness programs on an ongoing basis to create the most supportive workplace environment – regularly seeking input from industry experts, medical professionals and our people."

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SEE ALSO: Mark Zuckerberg’s net worth increased by over $1 billion after Facebook’s FTC fine — see the houses, cars, and travels where he spends his billions

Source: Business Insider – dgreen@businessinsider.com (Dennis Green)

How to use a personal loan to pay off your credit cards

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stressed work laptop womanProstock/Shutterstock

  • In some cases, a personal loan can help you save money on interest while paying off credit card debt. But knowing exactly how to use a personal loan to pay off your credit cards is important so you don’t end up paying more in the long run.
  • If you can refinance credit card debt at a lower rate, you can save money.
  • Some online personal loans are approved instantly and can send you funds as soon as the same day, though most take a few days to approve and transfer funds to your account.
  • Visit Business Insider’s homepage for more stories.

According to the Federal Reserve, 41.2% of American households have credit card debt totaling over $1 trillion. If you are currently dealing with credit card debt and want to pay it off for good, a personal loan might make sense.

If you decide to use a personal loan to pay off credit cards, it’s important to avoid the spending that got you into debt in the first place. Once you get yourself on a working budget, follow these steps to use a personal loan to pay off your credit cards.

How to use a personal loan to pay off your credit cards

1. Review your current debts and interest rates

The first thing you need when working on any payoff plan is a good list of all of your debts. Create a list of every credit card you have with its balance, interest rate, and minimum monthly payment if you don’t already have one. This tells you what you need to pay off, the total minimum payments you have each month, total balances across all cards, and other useful information you’ll need later on.

If you want to pay off your debt the old-fashioned way, by making payments on the credit cards, you can use this list to create a debt snowball or debt avalanche plan. But if you want to consolidate all of those credit cards with a personal loan, you need the same information readily available.

2. Look for balance transfer options at a lower rate

When paying off one loan with another, there is one hard rule you should never break. Only transfer a balance to a loan or credit card with a lower interest rate. As long as you do that, you should end up saving money in the long run. If you move to a loan with a higher interest rate, you’ll end up paying more.

There are many places you can find a personal loan. A new crop of online lenders makes this type of loan very fast and easy. You can also look to peer-to-peer lending marketplaces to get your loan funded by a group of investors. If that new loan has a lower interest rate than your credit cards, you should think about moving forward with the consolidation.

3. Pay off your old cards with loan proceeds

When you are approved for your loan, you might get the proceeds as a check or lump cash deposit in your bank account. Don’t let that big number tempt you to spend on anything other than your credit card payoff. Otherwise, you are just putting yourself in more debt that you’ll still have to pay off later.

As soon as the funds clear, pay off every single credit card in full. Use your bank’s online bill pay, send a check, or pay at your credit card website. It doesn’t matter how you do it as long as you pay them off quickly to stop new interest charges. Once paid off, put your cards in the back of a drawer so you’re not tempted to overspend on them again.

4. Put yourself on a debt freedom schedule

This type of debt consolidation has three major benefits:

  • Only one monthly payment instead of several
  • Lower interest costs
  • Debt freedom date locked in

Once you pay off your loan, you may find yourself completely debt free. If you have any student loans, auto loans, or mortgage loans, at least your highest interest debt should be taken care of. Take this opportunity to avoid getting back into any new debt in the future.

A personal loan typically comes with a fixed monthly payment for a certain period of time. If every payment is made on time for the life of the loan, the balance will be zero at the end and you won’t have any credit card debt leftover to worry about.

5. Conquer your debt for good

When you have monthly debt payments, you don’t have a choice about what to use that money for. Every payday, a chunk of your income is already spoken for. When you pay off those debts, you can choose if you want to use that money to save, invest, or for something else.

Consolidating your credit card debt to a personal loan does not always make sense, but if you can find a lower interest rate and put yourself on a debt freedom plan, it can be a great idea. When you can save money and get out of debt sooner with a personal loan, you should seriously think about going for it.

Ready to take out a personal loan? Consider these offers from our partners:

Related coverage from How to Do Everything: Money

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Source: Business Insider – ehoffman@businessinsider.com (Eric Rosenberg)

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